According to the National Bureau of Statistics (NBS), Nigeria’s total public debt stock as of the third quarter of 2020 (Q3 2020) rose by N6.01 trillion within a year.
Obaseki said the rising debt profile is worrisome as dependence on crude oil is no longer sustainable.
Economically this type of step taken will trigger more inflation as the country is already witnessing hyper-inflation.
This action was taken was by ex president of Uganda , Idi Amin , which led to the destruction of Ugandan economy back then, the inflation was so worse that Uganda government printed up to 10 thousand Ugandan shilling on a single paper currency. This type of economic strategy will crash all economic activities and make life difficult for Nigerians.
There will be too much money chasing fewer goods and the inflation rate will be highly uncontrollable
Nigeria should learn from history and what happened to Uganda during the time of Idi Amin, and what the country suffered even after Idi Amin. Money released in the economy must be back economic activities in order to prevent inflation
If the government continues to print money every month without being backed by economic activities, what will be of Nigerian economy before 2023.
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